Hotel Ovidiu in Neptun, a symbol of real estate degradation on the southern coast, is undergoing a rehabilitation process after being acquired by Tesaro KIT Construct SRL in 2021. Although the building is currently in a critical state, the new owners confirmed to the publication Replica the commencement of modernization procedures, though the project has been delayed by rising construction material costs and the legal situation of the former owner, Premier Palace SRL—an entity with significant debts and links to corruption cases.
In March 2021, Hotel Ovidiu was put up for auction by the liquidator Euro Insol SPRL at a starting price of 1.21 million EUR. The property was acquired by Tesaro KIT Construct SRL for the sum of 1.71 million EUR (approximately 8.39 million RON). We note a discrepancy in the currency calculation: based on the provided exchange rate of 5.0988 RON/EUR, the leu value mentioned in the source would represent approximately 1.64 million EUR. The completion of the property transfer was conditioned on the lifting of several precautionary seizures ordered by the Public Prosecutor’s Office. The buyer, controlled by Codrin and Iuliana Stroea, recorded a turnover of 21.69 million EUR in 2024 and is currently paying a tax increased by 500% due to the technical state of the neglected land.
Iulia Stroea stated to the publication Replica that the financial plan is being adjusted after technical studies showed that the resistance structure is compliant and does not require demolition. The modernization project, estimated at several million euros, aims to keep the hotel within the tourism circuit. The investment is also influenced by the need for improvements to the local road infrastructure.
The former owner, Premier Palace SRL, 99% controlled by the Cypriot offshore company Krinada Limited, is linked to Marin Dumitru, a close associate of former mayor Marian Vanghelie. The latter was suspected of facilitating public contracts worth 392.25 million EUR in exchange for 20% commissions. Premier Palace recorded, as of December 31, 2025 (according to the source), debts to the state budget of over 980.6 thousand EUR, while the namesake hotel in Bucharest is also subject to sale procedures. Marin Dumitru was involved in a money laundering case with an estimated damage of 8.31 million EUR. Although Marian Vanghelie had initially been sentenced to 11 years and 8 months in prison, he escaped punishment following the statute of limitations.
Frequently Asked Questions
Who purchased Hotel Ovidiu in Neptun?
The hotel was acquired by Tesaro KIT Construct SRL in 2021 for the sum of 1.71 million EUR.
Will the hotel building be demolished?
No, technical studies have shown that the resistance structure is compliant, so the project focuses on modernization rather than demolition.
What caused the delays in the rehabilitation project?
The project was delayed due to rising construction material costs and the complex legal situation involving the former owner, Premier Palace SRL.